The Automotive Constant Velocity Joint Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Constant Velocity Joint Global Market Report 2024, The automotive constant velocity joint market size has grown strongly in recent years. It will grow from $3.45 billion in 2023 to $3.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to vehicle production growth, expansion of automotive aftermarket, rise in global automotive sales, shift toward front-wheel-drive vehicles, increasing preference for fuel efficiency.
The automotive constant velocity joint market size is expected to see strong growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to electric and hybrid vehicle adoption, demand for compact and lightweight cvjs, globalization of automotive manufacturing, evolving suspension systems, autonomous and connected vehicle trends.. Major trends in the forecast period include rising interest in all-wheel and four-wheel drive systems, continued globalization of automotive supply chains, integration of smart sensors for predictive maintenance, focus on environmental sustainability, adoption of cvjs in autonomous vehicles.
An increase in demand for commercial vehicles is expected to propel the growth of the automotive constant velocity joint market going forward. Commercial vehicles refer to a category of vehicles that are used for business, the transportation of goods and cargo, or providing services in exchange for compensation. Increasing demand for commercial vehicles such as trucks and delivery vehicles fuels the need for CV joints to transmit power from the vehicle’s transmission or differential to the wheels, enhancing driving comfort and stability. For instance, in December 2022, according to the National Automobile Dealers Association, a US-based trade organization representing franchised new-car and truck dealerships, the sale of commercial trucks in the USA reached 476,000 units, reflecting a 3.8% increase compared to 2021. Therefore, the increase in demand for commercial vehicles will drive the growth of the automotive constant velocity joint market.
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The automotive constant velocity joint market covered in this report is segmented –
1) By Joint Type: Rzeppa Joints, Tripod Joints, Fixed And Plunge Joint, Other Joint Types
2) By Propulsion: Internal Combustion Engine (ICE), Electric And Hybrid, Other Propulsions
3) By Application: Passenger Car, Commercial Vehicle
4) By End-User: Original Equipment Manufacturer (OEM), Aftermarket
Major companies operating in the automotive constant velocity joint market are developing innovative products such as small and lightweight constant velocity joints for vehicles with improved fuel efficiency and more significant market competitiveness. In vehicles, small, lightweight constant velocity joints (CVJs) help facilitate smooth power transmission from the engine to the wheels. For instance, in May 2021, NTN Corporation, a Japan-based manufacturer of mechanical components and equipment, including constant velocity joints, bearings, and precision machinery, launched a Small and Lightweight CVJ for the Rear of the Sub-axle, an innovative constant velocity joint designed for the sub-axles of rear-wheel-drive (RWD) vehicles. Its small and lightweight characteristics for front-wheel-drive (FF)-based 4WD vehicles reduce the size and weight of the CVJ while maintaining its required strength.
The automotive constant velocity joint market report table of contents includes:
1. Executive Summary
2. Automotive Constant Velocity Joint Market Characteristics
3. Automotive Constant Velocity Joint Market Trends And Strategies
4. Automotive Constant Velocity Joint Market – Macro Economic Scenario
5. Global Automotive Constant Velocity Joint Market Size and Growth
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26. South America Automotive Constant Velocity Joint Market
27. Brazil Automotive Constant Velocity Joint Market
28. Middle East Automotive Constant Velocity Joint Market
29. Africa Automotive Constant Velocity Joint Market
30. Automotive Constant Velocity Joint Market Competitive Landscape And Company Profiles
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